Reporting of OTC Interest Rate Derivatives

RBI/2013-14/532 FMD.MSRG.No.99/02.05.002/2013-14

REPORTING OF OTC INTEREST RATE DERIVATIVES – CLIENT LEVEL TRANSACTIONS

Please refer to our circular FMD.MSRG.No.94/02.05.002/2013-14 dated December 04,2013 wherein it was advised that the existing reporting arrangement for the client level Rupee Interest Rate Swap (IRS)/Forward Rate Agreement (FRA) transactions by banks and primary dealers shall be dispensed with after stabilisation of the trade reporting arrangement put in place with CCIL on December 30, 2013.

The reporting of client level Rupee IRS/FRA transactions to CCIL’s platform that commenced on December 30, 2013 has since stabilised and the CCIL has completed capturing of all the outstanding transactions as on the date of commencement of the reporting. Accordingly, it has now been decided that with effect from week ending April 4, 2014, the reporting arrangement wherein banks and primary dealers report the client level IRS/FRA transactions to the Financial Markets Department on a weekly basis in the specified format in physical form/through e-mail and on the Banks’ Online Returns Filing System (ORFS), will be dispensed with.

The banks and primary dealers may continue reporting the transactions to the CCIL’s reporting platform.

Yours sincerely

(G. Mahalingam)
Principal Chief General Manager